Subordinate Debt Service definition

Subordinate Debt Service means interest, redemption premium, purchase price to the extent provided by Officer’s Certificate, Sinking Fund Requirements and (without duplication) principal payments due on or on account of Outstanding Parity Debt issued as Bonds and interest on Parity Debt issued as Notes.

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Subordinate Debt Service means for any period of twelve consecutive months the Debt Service Requirement with respect to any Subordinate Debt and the Debt Service Component of the Cost of Contracted Services which is not a Parity Debt Service Component.

Subordinate Debt Service means for any Fiscal Year, the amounts required to be paid pursuant to any Subordinate Debt Instrument.

Examples of Subordinate Debt Service in a sentence

The Trustee shall also pay out of the Subordinate Debt Service Fund the accrued interest included in the Purchase Price of any Subordinate Obligations purchased for retirement pursuant to this Master Indenture.
In no event shall amounts on deposit in the Senior Subordinate Debt Service Reserve Fund be used to pay principal of, interest on or any other amounts due with respect to Other System Indebtedness.
The applicable Redemption Price or principal amount (in the case of maturing Bonds) of any Subordinate Bonds so purchased or redeemed shall be deemed to constitute part of the Subordinate Debt Service Fund until such Sinking Fund Payment date for the purpose of calculating the amount of such Fund.
The Master Trustee shall pay out of the Subordinate Debt Service Fund, on or before such redemption date or maturity date, the amount required for the redemption of the Subordinate Bonds so called for redemption or for the payment of such Subordinate Bonds then maturing, and such amount shall be applied to such redemption or payment.
The Master Trustee shall also pay out of the Subordinate Debt Service Fund accrued interest included in the purchase price of Subordinate Bonds purchased under any provision of this Trust Agreement or an applicable Supplemental Trust Agreement.
If on any Debt Service Payment Date for a Series of Subordinate Bonds the amount accumulated in the Subordinate Debt Service Fund for any of the purposes specified above calculated with respect to all Subordinate Bonds then Outstanding exceeds the amount required therefor, the amount of such excess shall thereupon be transferred to the Revenue Fund.
In making such determination, any obligations in a Subordinate Debt Service Reserve Account shall be valued in accordance with Section 6.01.
Amounts in each Account of the Senior Subordinate Debt Service Reserve Fund shall be pledged to Holders of the Senior Subordinate Bonds to which such Account relates.
In no event will moneys in any Senior Subordinate Debt Service Reserve Account be available to pay Other System Indebtedness secured on a parity with Senior Subordinate Bonds.
If a disbursement is made pursuant to a Debt Service Reserve Facility, the Authority shall either (i) reinstate such Facility in full or (ii) deposit to the credit of the Senior Subordinate Debt Service Reserve Account a sum equal to the amount of the disbursement made under such Facility in accordance with its provisions.

More Definitions of Subordinate Debt Service

Subordinate Debt Service means for any period of twelve consecutive months the sum of the amounts required to be deposited in the Subordinate Debt Service Fund during the period pursuant to the Master Indenture with respect to any Subordinate Debt and the Debt Service Component of the Cost of Contracted Services which is not a Parity Debt Service Component.

Subordinate Debt Service means, for any period of calculation,

Subordinate Debt Service means debt service on Subordinate Debt calculated in accordance with the definition of Debt Service with respect to Contracts and Bonds.